MONOCLE INSIGHT

Financial Crimes Compliance: Creating Sustainable, Strategic Capabilities

Insights>Financial Crimes Compliance: Creating Sustainable, Strategic Capabilities

Financial crimes compliance is an important Regulatory Requirement faced by financial institutions and a key element in the fight against terrorist financing, human trafficking, slave labour, drug trafficking and environmental crime.

Accountable institutions must ensure that their financial crime prevention measures are robust and continuously reassessed to safeguard against failure. The cost of failure has many elements, e.g. the cost to society, fines that may be levied, and reputational damage to institutions.

Accountable institutions should avoid a “once-off” mindset when it comes to assessing their FCC and instead aim to adopt a continuous assessment approach in respect of their FCC data and control systems. Those who continue to operate under a regime characterised by siloed tactical solutions and “tick-box” compliance exercises, run the risk of exposing their organisations to a continuous cycle of tactical inefficiencies, costs and poor practices.

In this research paper, we discuss a strategic financial crime compliance capability that can achieve sustainable, long-term value for your organisation.